The Black Economic Forum

The ELC Takes Martha’s Vineyard

The 5th Annual Black Economic Forum was held at the Farm Neck Golf Club in Martha’s Vineyard from August 17-18th. Hosted by The Beta Iota Boulé of Sigma Pi Phi Fraternity, Inc., The Executive Leadership Council was proud to collaborate with McKinsey & Company for another fantastic conference.

Day 1

On Wednesday, Dennis Williams, Sire Archon of the Beta Iota Boulé, opened the Forum by introducing Ammanuel Zegeye, a Partner at McKinsey & Co., who presented the latest research on Black consumers today. This research informed the Forum’s first panel session, “The Rise of the Inclusive Consumer,” which featured Aurora James, Founder of Brothers Vellies and the 15% Pledge, Desiree Rogers, CEO of Black Opal, Salene Hitchcock-Gear, President of Prudential Individual Life Insurance, Stefon Burns, Head of Global Strategy and Business Development at Ralph Lauren, and Tiffany Burns, Senior Partner at McKinsey, who moderated the session. The session highlighted opportunities for retailers to scale Black businesses, capture market share, and increase corporate reputation by working more closely with Black-owned businesses.

Remarks from Rep. Joyce Beatty (D-OH), Chair of the Congressional Black Caucus, underscored several areas where we can make a difference in history. She described our shared mission, vision, and desire to create a more equitable playing field for the Black community. She reminded attendees that we must elevate our power and activate greater opportunities for our people, as diversity is our strength while unity and partnership are our power.

Ken Yearwood, Associate Partner at McKinsey & Co., set the stage for the next session entitled, “Inclusive B2B: Aligning Efforts with the Future of American Economy,” which featured Janice Bryant Howroyd, Founder and CEO of Act 1 Group, Erin Tolefree, President of Baldwin Richards Foods, Cheryl Harris, Chief Procurement Officer at Allstate, Cara Hughes, Vice President of Costumer and Community at Baldwin Richardson Foods, and Morgan DeBaun, Founder and CEO of Blavity, who moderated the panel. This panel focused on how B2B programs can be deliberate about forming breakthrough partnerships with Black businesses.

The first keynote speaker of the Forum, Dr. Eddie Glaude, outlined several lessons Black leaders can learn from Baldwin’s insights while reconciling the esteemed roles we play in putting truth to power, creating a more equitable society for the Black community.

Day 2

Jason Wright, President of the Washington Commanders, gave remarks on inclusion from an athletic point of view and the strides leaders like Wright are taking to make the sports industry more equitable. Wright is the first

Black team president in the history of the NFL and currently is the youngest team president in the League.

Deputy Secretary of the U.S. Chamber of Commerce, Don Graves, addressed the Forum attendees about how the federal government is helping to close the opportunity gap between minority-owned and non-minority-owned businesses as well as what the American economy stands to gain as a result.

During the final panel, David Baboolall, Associate Partner at McKinsey & Co., underlined McKinsey’s research on closing the funding gap and increasing investments in Black-owned businesses. Those insights set up a dynamic panel discussion on investing in Black-owned businesses which featured Ladell Robbins, Managing Director of the Alternative Solutions Group at BlackRock, Colin Meadows, Managing Partner at o15 Capital Partners, Lata Reddy, Senior Vice President of Inclusive Solutions at Prudential, Charles Corpening, Senior Managing Director at Ariel Alternatives, with Shelley Stewart III, Senior Partner at McKinsey & Co. moderating.

ELC COO Lori Walker introduced the closing keynote “fairway” chat. The fireside was moderated by Dr. Cindy Pace, Director Racial Equity & Justice Initiative at MetLife and featured ELC member Valerie Mosley, Founder of Upward Wealth, a fintech platform that democratizes wealth building and well-being.

This year’s Forum was made possible by the continued support of our corporate sponsors: Ever Source, Moody’s, Santander, Apple, Mass Mutual, The Hartford, Raytheon Technologies, BlackRock, MetLife, and Prudential. To learn more about the research discussed, please see the articles linked below and feel free to share with your networks.

 Black consumers: Where to invest for equity (a preview)  The rise of the inclusive consumer  Expand diversity among your suppliers—and add value to your organization

The 6th Annual Black Economic Forum will be held next year on August 23-24, 2023, at Farm Neck Golf Club in Martha’s Vineyard, MA.